It’s hard to think about April of 2019 right now. It seems so far away, and after all, you’ve just put this year’s tax season behind you. But the truth is taxes should be in the back of your mind year-round. Many small business owners and individual taxpayers spend the entire year preparing for tax season.
The team at Broussard Poché, LLP has a few tax tips to help keep financial planning a priority before tax season approaches.
Keep a running tab on receipts, donations and any forms of income you may have. Are you making money this year and don’t even realize it? How about your stock portfolio? Why wait until the end of the year? If you keep track year-round you can ease into tax time come 2019.
Look ahead to retirement. Are you contributing enough to your 401(k) plan throughout the year? Now is the perfect time to evaluate your retirement goals. Remember, these contributions are exempt from IRS tax withholding, but they are also not reported on your tax return.
It may seem like overkill, but subscribing to IRS Tax Tips could make your life easier, especially if you are in a complicated tax position. You can get emails about tax law changes, how to save money and much more.
Summer Tax Credits
Don’t forget, you can take advantage of the Child and Dependent Care Tax Credit. In a previous blog, Broussard Poché, LLP highlighted the ways this credit can be used to help working parents get through the summer and save a lot at tax time; you can read it here.
Shop Around for Help
Maybe you know you are in over your head. Maybe you forget how complicated taxes can be until you are gathering your paperwork. Either way, shop around now for any additional help you may need. A professional tax preparer can help you with planning right now, long before tax season.